Deals

Deals Roundup for Week of Oct. 12, 2026

The Tip Desk · October 18, 2026 · 4 min read

CCC and Varonis signed cash acquisition agreements, Humana agreed to a roughly $2.8 billion clinic asset transaction, and Fermi signed a 15-year lease with about $6.5 billion in contracted revenue.

CCC Intelligent Solutions agreed to an all-cash acquisition by a consortium led by GTCR and including Elliott Investment Management, with an enterprise value of approximately $6.1 billion. The agreement provides $7.75 for each CCC common share, approximately 44% above its July 9, 2026, unaffected closing price. CCC’s board approved the transaction. CCC said it expects closing in the first quarter of 2027, subject to conditions including regulatory and stockholder approvals. The agreement has no financing condition; completion would take CCC private and end its Nasdaq listing.

Proofpoint separately agreed to acquire Varonis Systems in an all-cash transaction valued at approximately $6.3 billion. Varonis shareholders would receive $49.75 a share, a 52% premium to the June 22, 2026, closing price before initial sale rumors and a 17% premium to the September 1 close before additional reports. Varonis’ board unanimously approved the agreement. Varonis said it expects closing in the first half of 2027, subject to shareholder approval, regulatory clearances and customary conditions. The companies will operate independently until closing.

IonQ’s agreement to acquire Elisity uses stock consideration, with a transaction value of up to $1.3 billion. Elisity supplies a Zero Trust technology platform. IonQ said it expects the acquisition to close in the fourth quarter of 2026, subject to customary closing conditions. The announced amount is an upper transaction valuation, and the acquisition remains pending.

Clinic assets, towers and a proposed separation

Humana agreed to sell CenterWell Senior Primary Care clinics in an approximately $2.8 billion asset purchase that would create a joint venture with BlackRock. Humana said it expects closing in the fourth quarter of 2026, subject to customary conditions and state and federal regulatory approvals. The transaction concerns the primary care clinics; CenterWell also has pharmacy solutions and home solutions businesses. Its primary care network operated 398 centers serving 622,000 patients as of June 30, 2026.

National Fuel Gas announced a different transaction structure: its board approved a tax-free spin-off of Integrated Upstream and Gathering into a separate publicly traded company. The separation would produce two independent public companies. National Fuel said it expects completion in the second half of calendar 2027.

Liberty Global’s Dutch tower transaction reached a regulatory milestone. The company said the European Commission cleared the €669 million sale of VodafoneZiggo’s passive tower assets. The asset sale remained pending following that clearance, and Liberty Global said it expects closing by year-end.

Drug licenses separate upfront payments from milestones

Biohaven agreed to grant Ono Pharmaceutical an exclusive license to develop and commercialize its MoDE pan-IgG degraders in Japan, South Korea, Taiwan and ASEAN member states. The agreement includes $80 million upfront and a further $20 million contingent on a milestone, plus royalties of approximately twenty percent on Ono’s net sales in the territory. The licensed programs include BHV-1300 and certain next-generation follow-on IgG degraders. Biohaven retains rights outside those territories, and the license covers the IgG MoDE programs while leaving its TRAP franchise outside the agreement.

Vir Biotechnology’s agreement with Gilead Sciences covers three next-generation dual-masked T-cell engagers for solid tumors. Its $90 million upfront consideration comprises $65 million in cash and a $25 million equity investment at a 30% premium. Up to $45 million in potential near-term preclinical milestones brings the upfront and near-term package to a maximum of $135 million. Up to an additional $1.74 billion is tied to development, regulatory and commercial milestones, alongside tiered high single-digit to low double-digit royalties on net sales. Vir will develop the candidates using its discovery and masking technologies, with Gilead receiving an exclusive development and commercialization license.

A 15-year lease at Project Matador

Fermi signed a binding, 15-year phase-one lease with TensorWave for 222 megawatts of total facility power at Project Matador. The agreement carries approximately $6.5 billion in contracted revenue over the initial term and makes TensorWave the campus’s first customer. Fermi said the lease has credit support from AMD. Two expansion options would allow TensorWave to triple its campus footprint over time. Fermi said it expects phased delivery to begin in the fourth quarter of 2027 and finish in early 2028.